CeNeS aims to raise L6M through placement

5 August 2007

UK-based biopharmaceutical firm CeNeS Pharmaceuticals says it will aim to raise L6.1 million ($12.4 million) through the placement of 5,789,137 new ordinary shares of 30 pence each at a price of 105 pence per share. The firm said that it will use the proceeds to prepare for Phase III US trials of its lead compound M6G (morphine-6-glucoronide).

The 105 pence price reflects the proposed 30 for one consolidation of the ordinary share capital of the company. The firm added that move is conditional, subject to approval at the upcoming extraordinary general meeting, scheduled for August 22.

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